President Obama is taking flack for proposing that military people contribute to their retirement. I am all for helping our service people and we already do a good job of that.
I used to do financial planning for military people at the Grand Forks Air Base.
When an active duty service person is killed the family is entitled to benefits from the DIC (disability and indemnity compensation) program as well as social security survivor benefits. The benefits are based on rank and service time. For example an E5 (sergeant) with four years of service earns $2,424 per month. Let’s say he has a wife and two children. They would receive $1,154 per month for the spouse and $700 per month for the children. They would also qualify for social security at $1,500 per month for a total monthly income of $3,300. There are many other benefits such as free health care, housing allowance, pensions, vacations and life insurance that continue to the family. In addition if you live near and base you can get discounts on food.
The benefits for a service person who is disabled are similar to those who are killed.
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